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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

US Oil Lobbies against Sanctions on Russia

Western powers imposed sanctions in 2014 after Russia’s annexation of Crimea.

The US oil and gas industry is lobbying against tighter sanctions on Russia that could impact US investments there, congressional sources said.

The US Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in future US elections. Both Democrats and Republicans are looking to redress what they consider President Donald Trump’s weak stance on accusations of Russian interference in the 2016 election when he met Russian President Vladimir Putin.

Top US energy company ExxonMobil is among the firms that have previously opposed US sanctions on Russia. Opponents claim sanctions unfairly penalize US companies while allowing foreign energy rivals such as Royal Dutch Shell and BP to operate in the world’s biggest oil producer.

Western powers imposed sanctions in 2014 after Russia’s annexation of Crimea.

Democratic Senator Chris Van Hollen told Reuters there was growing bipartisan support for his DETER bill.

When asked whether energy industry lobbyists were either opposing the bill or seeking revisions, Van Hollen said that "a range of issues need to be discussed including ... ones related to US and European energy projects."

Van Hollen said that while he was willing to address "reasonable concerns" from industry representatives and other lawmakers, the legislation needed to be robust enough to discourage Moscow from meddling in future US elections.

 

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